Crypto Espresso: Your quick shot of the latest crypto moves and news

Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.

Morning, Coinheads.

Things are looking up for the majors. JPMorgan pegs Bitcoin’s fair value at US$38,000. NFTs begin overtaking cryptocurrency, and the now infamous Bitfinex Hackers are charged with conspiracy to commit money laundering and conspiracy to defraud the United States.

Meanwhile, the US pushes for regulation while Biden wants the tech sector out of this stablecoin malarkey.

Let’s do this.

US market close: Bitcoin recovers

Prominent cryptocurrencies were higher on Wednesday with Bitcoin up 1.06%, Ethereum up 4.34%, and Litecoin up 5.21%. In other digital assets, Bitcoin Cash was up 3.45% and Dogecoin was 1.21% higher.

CFTC head: Agency needs to regulate crypto

Digital assets need government oversight, said Rostin Behnam, the head of the US’s Commodity Futures Trading Commission, in order to bring stability to the often volatile and fragmented sector.

JPMorgan puts current fair value of Bitcoin at US$38,000

JPMorgan Securities researchers peg the current fair value of Bitcoin at US$38,000, or 13% below Wednesday’s US$44,000 price, when accounting for the current historically high volatility.

NFTs vs Cryptocurrency: a year of shifting interest

Capital.com data analysis reveals how interest in non-fungible tokens has grown over the last year, catching up with and – in many countries – surpassing interest in cryptocurrencies.

US seizes US$3.6bn in cryptocurrency allegedly stolen in hack

The US Department of Justice (DOJ) announced on Tuesday it had seized a record US$3.6bn in cryptocurrency from a married couple in New York, whom authorities arrested and charged in connection with a 2016 hack of Hong Kong-based Bitfinex’s virtual coins totalling some US$4.5bn in current value.

US Treasury: Tech companies shouldn’t sell stablecoin

According to the Biden Administration, in the US technology companies which aren’t licensed like banks should not offer crypto stablecoins, while some Congressional Republicans pushed back during a hearing on the future of digital assets.

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